Versatile Flex Space with
For Sale
$1,195,000
16155 SW 117th Ave 15, Miami, FL 33177
Two-story flex space with office and warehouse near Turnpike.
Property Size3,050 SF
Lot Size0.05 Acres
Price / SF$391.80
Days on Market155
Property Features for 16155 SW 117th Ave 15
General Information
Standard status
Active
Size
3,050 SF
Lot size
0.05 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,158
Building Details
Building Size
3,050 SF
Year Built
1989
Listing Agency:
Compass Florida LLC
(786) 399-9278
Listed By:
Jorge Lopez · License #3247936
(786) 399-9278
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 5:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass Florida LLC
Investment Insights
Based on property information with market context.
This two-story flex space property offers a combination of office and warehouse functionalities, totaling 3,050 square feet. The layout features a reception area, a glass conference room, a lunchroom, and two bathrooms on the first floor. The first floor also includes three additional offices and a spacious warehouse area with easy loading access from the back. The second floor contains a sitting room, three offices, and a large flexible space. In total, there are nine areas suitable for office spaces. The property benefits from natural light throughout. It includes two assigned parking spaces, as well as additional guest parking. The property is located close to the Florida Turnpike, main highways, and Tamiami Executive Airport. Potential business uses include med spa, clinical office, insurance company, and law offices, or any business requiring spacious office space.
Key Highlights
- Strategic location near FL Turnpike, main highways, and Tamiami Executive Airport.
- Versatile flex space suitable for office and warehouse use.
- Total of 3,050 sqft with a functional 2‑story layout.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$80,840
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,616,800
$1.6M
Cap Rate 7%
$1,154,857
$1.2M
Cap Rate 9%
$898,222
$898.2K
Market Conditions
NOI Build-Up for 3,050 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$139.1K $45.60/SF
− Vacancy
−$31.3K −$10.26/SF
EGI
$107.8K $35.34/SF
− OpEx
−$26.9K −$8.84/SF
NOI
$80.8K $26.51/SF
Area
ZIP 33177
Vacancy
22.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,616,800
Cap Rate 7%
$1,154,857
Cap Rate 9%
$898,222
Alternative Uses
Best Use
Office B
$1.15M
$1.01M – $1.35M
NOI $80,840 @ 7.0% cap · market cap 6.76%
Second Best
Warehouse
$571.2K
$499.8K – $666.4K
NOI $39,983 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$1.55M
$1.35M – $1.81M
NOI $108,318 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
530
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33177, FL
56,331
Population
17,124
Households
3.3
Avg Household Size
41
Median Age
23%
College-Educated
84%
High-School Grad
12.6 sq mi
ZIP Area
4,471
Density / Sq Mi
$77,297
Median Household Income
$36,347
Median Earnings
$2,080
Median Rent
$399,000
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story flex space with office and warehouse near Turnpike.
Where is this flex space located?
The property is located at 16155 SW 117th Ave 15 Miami, FL.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Strategic location near FL Turnpike, main highways, and Tamiami Executive Airport.; Versatile flex space suitable for office and warehouse use.; Total of 3,050 sqft with a functional 2‑story layout.
